Standalone figures
| Ratio | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross margin % | 49.2% | 34.1% | 33.9% | 32.7% | 36.4% | 40.8% |
| EBITDA margin % | 24.1% | 17.4% | 14.3% | 5.8% | 7.5% | 11.9% |
| EBIT margin % | 24.1% | 14.5% | 11.2% | 0.8% | 2.5% | 6.6% |
| PAT margin % | 20% | 10.9% | 8.3% | -0.5% | -0.4% | 4.7% |
| Working capital | ||||||
| Receivable days | 74 | 97 | 85 | 113 | 88 | 120 |
| Inventory days | 83 | 57 | 69 | 91 | 71 | 76 |
| Payable days | 130 | — | 99 | 166 | 117 | 102 |
| NWC days | 26 | — | 54 | 38 | 43 | 95 |
| Leverage | ||||||
| Current ratio | 1.09 | 1.13 | 1.05 | 0.97 | 0.93 | 1.12 |
| Debt to EBITDA | 1.07 | 1.85 | 1.69 | 5.44 | 3.94 | 2.44 |
| Debt to equity | 0.3 | 0.51 | 0.33 | 0.32 | 0.32 | 0.31 |
| Interest coverage | 44.6 | 22.6 | 10 | 0.4 | 1.1 | 3.1 |
| Asset turnover | 0.71 | 0.88 | 0.82 | 0.59 | 0.67 | 0.65 |
| Return ratios | ||||||
| Return on assets % | 14.2% | 9.5% | 6.8% | -0.3% | -0.3% | 3% |
| Return on capital employed % | 26% | 21.7% | 14.2% | 1.1% | 3.4% | 7.1% |
| Return on equity % | 22.8% | 17.1% | 11.3% | -0.5% | -0.5% | 4.9% |
Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.